Estonian Manors are Popular Among Foreigners

A manor is a property whose ownership requires vision, capability, and a certain lifestyle or mindset. There are years when not a single manor complex is sold, while in some years several estates can find new owners.

Currently, there are 11 manors on the market in Estonia, with prices starting at 89,000 euros and reaching up to 3.8 million euros. While cheaper manors require major restoration or are small but well-maintained farmstead manors, which are not much larger than once-wealthy farmhouses, the more expensive complexes are fully renovated and also house functioning business operations.

Over the past five years, 5 manor complexes have been sold, with prices ranging between 380,000 – 600,000 euros.

Buyers are Europeans

Currently, manor enthusiasts come to Estonia mainly from Europe. For example, manors priced between 500,000 – 600,000 euros are mostly purchased by middle-aged neighbors from the north.

Why foreigners specifically? The reason lies largely in the fact that compared to the rest of Europe, it is possible to buy history, style, architecture, a large piece of land that typically belongs to the manor, and generally pure nature at a very reasonable price in Estonia. This is all very attractive. Additionally, one can apply for renovation subsidies from the state to restore manors.

A manor is primarily acquired for business purposes, for example to establish a accommodation facility there and earn rental income from organizing events. On the other hand, it is also attempted to combine it with personal life, enjoying the status of a manor owner while living there.

The environment matters

The greatest value besides the manor complex itself is considered to be the environment surrounding it. It is very decisive that there are no other residential buildings or structures not belonging to the complex in the manor's vicinity. For example, a major problem is when a manor is located near a Soviet-era apartment building or has even become part of a former collective farm center.

It is very important that the road leading there is asphalt or at least has a dust-free surface. As for the price level, in the case of a manor as a completely unique object, both the real estate market value and emotion count equally, as well as all other factors such as furnishings that may come with the building.

Thus, although manors are sold rarely and their buyer base is small, it is real estate acquired by a conscious person both for personal living and as an investment, because manors never lose their uniqueness and are popular tourist attractions both today and in the future.

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Article source: Uus Maa Real Estate Office